They had been a-round a long, long time…
When initially presented, SFG had concerns about lending on what appeared to be a dated, ROUND retail building in an older redevelopment neighborhood. After consideration of the many elements presented, however, and because our new CA office was located reasonably nearby, we scheduled an immediate site inspection and decided to take a good, hard look.
On paper, we had a variety of concerns about the non-conforming property itself, but what we found during the site inspection was a building in excellent condition with good bones and plenty of useful life remaining. We also found an established business as well; over thirty years, in fact. In the end, SFG was able to responsively provide the transitional financing required to facilitate the needs of the owner/user. The rather unique building met the market well; the applicant’s well-considered use of the building and their substantial, competitive operations overcame SFG’s initial trepidations.
Assessing and underwriting the lending risk with this round, non-conforming building is yet another case in which SFG was able to dig a little deeper in order to provide a solution for our professional broker and their valued client…and our new California office was there to make it happen.